The law of money and financial services in the European Community. 2nd ed.

Book abstract:

This book relates the development of economic and monetary union in the EC to the development of the single market for financial services. The first edition was published when the Maastricht Treaty, with its timetable for economic and monetary union, was entering into force, but it was also a time at which the exchange rate mechanism of the European Monetary System was widely perceived as having collapsed. The actual achievement of economic and monetary union in 1999, albeit between 11 of the 15 Member States, has therefore required a new edition of this publication to fully reflect the institutional and legal consequences of the new situation.

The first edition focused on three areas: the free movement of capital, financial services, and developments towards monetary union. This edition examines the considerable implications for these areas brought about by the achievement of the final stage of monetary union. At the same time it considers the substantial new developments in these areas both in Community legislation and in the case-law of the Court of Justice. In addition, two new areas are explored. First, one of the significant implications of the introduction of the single currency and the correspondingly greater ease of cross-border investment, has been the drive for greater harmonisation in the field of tax, and a new chapter dealing with taxation is included. Second, the achievement of monetary union has important institutional implications, for countries both within and outside the Eurozone, and both aspects of this topic are discussed.

The author is Salvesen Professor of European Institutions and Director of the Europa Institute at the University of Edinburgh.